MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	PARDEE FOODS NIGERIA LIMITED

Registered Office :	Suite 107, Regency Suites 17, Ahmed Onibudo, Victoria Island, Lagos State

Country :	Nigeria

Date of Incorporation :	27.01.2005

Com. Reg. No.:	RC: 615321

Legal Form :	Private Limited Company

Line of Business :	Production of Biscuits of all kinds and production of printed material/printed flexible packaging material

No. of Employees :	Over 50 persons

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	----

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Nigeria

b1

b1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

PARDEE FOODS NIGERIA LIMITED

OPERATIONS

The company is engaged in Production of Biscuits of all kinds and production of printed material/printed flexible packaging material

COMPANY LOCATION

The company address located at Lynson Chemical Avenue, Igbala Village, Sango-Ota, Ogun State, Nigeria.

RISK FACTORS

Credit Risk

RISK RATING ASSESSMENT: GOOD Apparently healthy, with adequate working capital to meet normal Commitments

CREDIT LINE AMOUNT: Normal

CREDIT LINE OPINION: Subject appears to be a credit worthy organization

IDENTIFICATION

COMPANY NAME: PARDEE FOODS NIGERIA LIMITED

REGISTERED NAME: PARDEE FOODS NIGERIA LIMITED

REGISTERED ADDRESS: Suite 107, Regency Suites 17, Ahmed Onibudo, Victoria Island, Lagos

State, Nigeria

HEAD OFFICE ADDRESS: Lynson Chemical Avenue, Igbala Village, Sango-Ota, Ogun State,

Nigeria

MOBILE: 234-805-801-9889

Currency: All monetary quoted in this report are in Nigerian Naira, the local currency or unless otherwise stated. The exchange rate is N148 to 1 US $.

SUMMARY

NATURE OF PREMISES: Leased office space approximately 5,000 square meters

DATE INCORPORATED: 27thJanuary, 2005

YEAR BEGAN OPERATIONS: 2005

LEGAL FORM: Private Limited Company

REGISTRATION NO: RC: 615321

SHARE CAPITAL: 10,000,000.00

ISSUED CAPITAL: 10,000,000.00

PAID-UP CAPITAL: 10,000,000.00

STAFF STRENGHT: Over 50

OWNERSHIP/SHAREHOLDING STRUCTURE

Loharkar Mangesh

254B, Annie Besant Road, Worli, Mumbai 1400030, India

Pitale Vijay

254B, Annie Besant Road, Worli, Mumbai 1400030, India

Aranha Julian

254B, Annie Besant Road, Worli, Mumbai 1400030, India

Danjabi Rakesh

254B, Annie Besant Road, Worli, Mumbai 1400030, India

Panjabi Dinesh

254B, Annie Besant Road, Worli, Mumbai 1400030, India

Parle Biscuits Private Limited

254B, Annie Besant Road, Worli, Mumbai 1400030, India

Dinesh Trading Company Limited

254B, Annie Besant Road, Worli, Mumbai 1400030, India

DIRECTORS

Loharkar Mangesh
Pitale Vijay
Aranha Julian
Danjabi Rakesh
Panjabi Dinesh

MANAGEMENT TEAM

Hemant Gangwani - Manager – Administration & Finance
Sanjay Gajjar - Production Manager (B.Sc. Chemistry, B.ED Maths)

Among others

BACKGROUND

Pardee Foods Nigeria Limited was incorporated on 27th January, 2005 with Registration Number (RC: 615321). The corporate head office is located at Lynson Chemical Avenue, Igbala Village, Sango-Ota, Ogun State, Nigeria. The company occupies a large space up to 8 plots which consist of the administrative buildings and factory. A company named Nigeria Founders Limited is located beside the company, the gates are painted red and there are lorries parked outside the company gate.

The company is engaged in Production of Biscuits of all kinds and production of printed material/printed flexible packaging material

During our visit on 21st November, 2011, we had A discussion with Mr. Adelana Daniel the security officer (234-706-130-3694) who acknowledged our document and entertain few questions. According to him, the company is owned by Indians and engages in Production and distribution of Biscuit of all kinds such as Milk Power and Parle G Biscuits. He later decline further information and promised to forward our document to the appropriate office who is in best position to get back to us but we are yet receive any response from them at the time of compiling this report.

We later called the phone number on the enquiry (234-805-801-9889) and spoke with a man who claimed to be the Managing Director of the company but he refused to disclose his name and stated that he is not in the office at that moment.

Conclusion: Based on our visit and brief discussion with Mr. Adelana Security Officer and the level of business activities witnessed, we are of the opinion that the company is a legal entity and legitimate in business. As such, any business relationship with the company should be mutually beneficial.

BANKER

Zenith Bank Plc

Plot No, Ajose Adeogun Street, P.O. Box 75315, Victoria Island, Lagos State, Nigeria

TYPES OF CUSTOMERS

· General Public

· Group of Companies

· Private organizations

· Small Scale Enterprises among others

PERFORMANCE RANKING

* Quality of Management: GOOD

* Ethics & Integrity: GOOD

* Ownership Structure: GOOD

FINANCES

Subject Audited Accounts was not available as at the time of compiling this report. However, based on the industry the company belongs to and services rendered, the company’s estimated turnover could be put at $3 Million (Three Million Dollars).

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

Subject is operating in an industry with very great potentials. This sector in Nigeria has a lot to explore when it comes to the need for expansion, improvement of product quality, work force development and general technical expertise. Mainly, private individuals dominate this sector. Despite the huge capital required for setting up this investment, it has grown in its leaps and bounds over the decades in the nation, although, the efforts of the Federal Government cannot be ruled out. The government has put in place different policies that support private individuals to secure loans/ mortgages from banks and other financial institutions. However, to record a groundbreaking in this sector, foreign investors are inevitable.

This sector of the economy has great potentials for intending investors.

CMT REPORT

(Corruption, Money Laundering & Terrorism)

Public Notice from various sources including but not limited to: The Courts, Nigerian Prison Service, Economic & Financial Crimes Commission (EFCC), National Drug Law Enforcement Agency (NDLEA), National Agency for Food & Drugs administration and Control (NAFDAC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) Etc.

No negative information on subject from the above agencies as at the time of compiling this report.

OFFICIAL REMARKS

Having carried out all necessary verifications on the company, our investigations revealed that Pardee Foods Nigeria Limited is duly registered in Nigeria with a registered address is located at Suite 107, Regency Suites 17, Ahmed Onibudo, Victoria Island, Lagos State, Nigeria, while its operational address and factory is located at Lynson Chemical Avenue, Igbala Village, Sango-Ota, Ogun State, Nigeria.

Information contained in the report is mostly from secondary sources ONLY.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.70
UK Pound	1	Rs.82.44
Euro	1	Rs.71.08

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.